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Consolidating high interest rate credit cards

When this has been done, you are responsible for only one payment, and don't have to keep track of numerous bills featuring different due dates.

available stats which reflects well in your reports.

Additionally, lower monthly payments means you are more likely to make on-time payments.

If you are under the burden of considerable credit card debt, slowly chipping away at your numerous balances may not be enough to remedy the problem.

You may have noticed that even when savings account and money market interest rates significantly drop, charge card interest rates usually remain quite high.

Along with simplifying into a single payment, there are few quicker ways to dramatically cut your monthly bills..

For instance, consolidation lending almost always leads to lower rates than you likely pay on your average Visa or Master Card, and if it doesn't save you money, you shouldn't do it. For many consumers, this arrangement offers the perfect solution to manage out of control credit card debt.If you are a member of a credit union you should inquire there first, as they often offer lending to their members at lower than average rates of interest.Ultimately your goal is to become debt-free, so if the money you borrow is paid direct to you, don't be tempted to spend it before you use it to pay off your cards.You can use it to consolidate outstanding card balances.Lenders offer home equity lines to qualified borrowers, though bad credit may preclude you from getting approved.Consolidating can also have a positive effect on your credit score.When you pay off your card balances, you reduce your borrowed money vs.If you do, this does not automatically disqualify you from home equity financing, as the house serves as collateral, but it may make it harder or increase your costs to finance.Still, the rate of interest on this type of lending will rarely be as high as the combined rates you were previously paying for revolving credit.One low monthly payment can be a lifeline when you are drowning.If you feel you are facing overwhelming debt for which you can find no realistic solution, and even a credit card consolidation loan won't be enough -- it may be time to consider even more drastic protections.

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